It goes without saying: if you’re not investing in your 401(k) retirement plan at work, you should be.
Everyone knows that if you start saving a little bit of money every paycheck from the time you start your career in your early 20’s, all that compound earnings and interest will lead to millions of dollars upon retirement.
Really – you CAN BE A MILLIONAIRE with just a little bit of effort.
What’s the first thing you looked forward to after landing your first job?
Getting that first paycheck, right?
And what’s the first thing your parents likely told you to do with that paycheck? Put it into the bank. Save that money for a rainy day. You’ll get married some day, or perhaps you’ll want to retire comfortably.
And then you got that note from Human Resources that said, “Congratulations! You’re now eligible to participate in the company’s 401(k) retirement savings plan!”
It’s a fair question. Web Watch has offered $1 to many friends when they said they’d do “anything for money”. Apparently, it seems, a single dollar was not what they had in mind when they made the offer.
We say that if you’re going to offer to do anything for money, you should definitely lower your expectation of what dollar amount is going to be offered to you. What you think you’re worth may not be the same as what others believe.
When was the last time you went through the bins in your storage closet?
Web Watch is betting that you’ve probably squirreled away some things that you thought you’d keep for future kids or grandkids, or maybe you thought that “this may be worth something some day”.
Or maybe you just wanted to have more stuff. Hey, it happens.
So remember back when Pet Rocks were a thing? They sold like flapjacks, then everyone realized that all they have was a rock in a cardboard box. On the other hand, what originally sold for $3.95 can now be had on eBay for $11-$21 apiece, assuming that you have the original packaging. It’s not a ton of money, but you can’t deny that the price point has certainly increased over the past 30+ years since the Pet Rock was first introduced.
One of the greatest comedy movies of the 1980’s was Dan Aykroyd and Eddie Murphy in John Landis’ classic TRADING PLACES.
For those of you too young to remember (or too old to recall, take your pick), the film was a twist on either My Fair Lady or The Prince and The Pauper (also, take your pick), with a little bit of The Sting thrown in for good measure. But where The Sting dealt with scamming money through horse racing, Trading Places did it by investing in orange juice futures
If there’s one piece of advice that Web Watch is always trying to give to our younger acquaintances, it’s that it’s always better in the long run to save as much money as you can for the future. A while back, we recommended to try to have $10000 in the bank by the time you’re 30 years old, and that’s still a good rule of thumb to live by (call it your “emergency fund”, it still represents about 3-to-6 months take home pay for the average young adult that financial experts recommend keeping available for emergency purposes).